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MARITRANS PARTNERS L.P. ANNOUNCES RESULTS FOR THE QUARTER ENDED JUNE 30, 1992

 MARITRANS PARTNERS L.P. ANNOUNCES RESULTS
 FOR THE QUARTER ENDED JUNE 30, 1992
 PHILADELPHIA, July 28 /PRNewswire/ -- Maritrans Partners L.P. (NYSE: TUG) today announced financial results for the quarter ended June 30, 1992.
 No distributions will be made for the quarter due to the level of current and expected near-term earnings in addition to the necessity to retain appropriate reserves. The company has previously announced it intends to seek unitholder approval to convert Maritrans to a corporation from its present partnership form.
 Maritrans announced net income for the quarter ended June 30, 1992, of $0.3 million compared to $0.3 million for the quarter ended June 30, 1991, on revenues of $32.3 million and $37.4 million, respectively.
 Net income for the six months ended June 30, 1992, was $0.4 million compared to $1.9 million for the six months ended June 30, 1991, on revenues of $66.2 million and $75.0 million, respectively.
 Stephen A. Van Dyck, chairman and chief executive officer of Maritrans GP Inc., commented, "The entire oil industry in the United States is under pressure to react to lower oil consumption levels while having to comply with recent legislation, from the Oil Pollution Act of 1990 to the Clean Air Act. The overall effect in our industry has caused severe price competition for our service, as our customers are compelled in a number of cases to put increased emphasis on short-term economics. However, our quality initiatives are allowing our costs to decline as we focus on improving our work processes. I believe Maritrans is properly positioning itself to maximize its future profitability when conditions improve, while continuing our commitment to safety."
 Maritrans Partners L.P. is a master limited partnership formed in 1987 to purchase and operate, through Maritrans Operating Partners L.P., a fleet of tugboats and oceangoing tank barges along the Gulf and Atlantic coasts. Maritrans is the largest independent U.S. flag marine transporter of petroleum products in the coastal trade. The Maritrans Partners L.P. limited partnership units are listed on the New York Stock Exchange under the symbol "TUG."
 MARITRANS PARTNERS L.P.
 (Unaudited; dollars in millions, except per-unit amounts)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenue $32.3 $37.4 $66.2 $75.0
 Operating income 2.4 2.3 5.0 5.9
 Net income 0.3 0.3 0.4 1.9
 Depreciation and amortization 3.8 3.8 7.7 7.6
 Net income plus interest,
 depreciation and amortization 6.9 6.7 13.7 14.8
 Distributions to partners pertaining
 to period --- 3.6 3.6 7.2
 Capital expenditures 1.9 14.6 3.6 15.9
 Net income allocated to limited
 partners per limited partner unit
 based on 12,250,000 units .03 .02 .03 .15
 /delval/
 -0- 7/28/92
 /CONTACT: Gary Schaefer, 215-864-1288, or Richard Carson, 215-864-1254, both of Maritrans/
 (TUG) CO: Maritrans Partners L.P. ST: Pennsylvania IN: MAR SU: ERN


MK-xx -- PH023 -- 4193 07/28/92 15:14 EDT
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Date:Jul 28, 1992
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